Summer Housing Trends in Monterey County

Summer Housing Trends in Monterey County

The summer months bring a surge of activity to Monterey County, with more tourists, events, and houses on the market. As we approach the end of summer, you might be curious about how the real estate market performed in July. The results may surprise you.

But first, a quick update on the national residential real estate market -

  • Median Home Prices: The national median home price fell from $445,000 in June to $439,950 in July.
  • Inventory Growth: The number of homes for sale increased by 36.6% compared to last year, marking nine consecutive months of inventory growth. Texas, Florida, Idaho, and now Tennessee have returned to pre-pandemic inventory levels, although national inventory is still down by around 28% compared to pre-pandemic levels.
  • Impact of Mortgage Rates: Declining mortgage rates are expected to continue providing a tailwind for buyers.

So, what's going on in Monterey County?

Monterey County Housing Market (Single-Family Residential)

Sales Volume:

July 2024: $208,847,598

July 2023: $231,253,667

July 2019: $223,834,539

Active Volume (Inventory):

July 2024: $1,410,426,190

July 2023: $929,247,681

July 2019: $1,818,773,887

Inventory has increased by almost 52% from July 2023 to July 2024, while sales volume has decreased by 10%. The 30-year mortgage rate was around 6.7% at the beginning of July 2023 and around 6.9% at the beginning of July 2024, indicating not a significant change in rates.

Despite the gain in inventory in Monterey County, we are still well below 2019 inventory levels.

Let's dive into the sales number by price range:


Monterey County Real Estate in July 2024 vs July 2023


What stands out to you? For me, I can't help but notice the change in total sales volume for 2024 versus 2023, but let's also expand the aperture a bit and look at January through July sales volume for 2023 versus 2024:


Monterey County Sales Volume Jan-July 2024 vs 2023


Is anything interesting to you on this graph? For me, one thing I see is how much sales are down in the sub-$800,000 range year-over-year, up in the $800,000 to $1.2MM range as well as the large increase in sales in the $3MM to $5MM range. Recently, I reported on the strong luxury home price growth across the nation. In Monterey County, luxury home sales volume is up by 5.7% so far year-over-year.

Also, we can see that the total sales volume is up a bit in 2024 versus 2023, but are we starting to notice a change in the tide since the July numbers are down? We'll keep an eye on things in the coming months.

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